June 29, 2020
According to the research report titled ‘Wearable EEG Devices Market to 2027 - Global Analysis and Forecasts by Channel; Application, available with Market Study Report LLC, global wearable EEG devices market size was remunerated at USD 745.05 million in 2018 and is expected to amass returns worth USD 1,556.35 million by the year 2027, expanding with a CAGR of 8.7% during the forecast period.
Increased pervasiveness of neurovascular disorders in tandem with growing elderly population are major factors driving the wearable EEG devices market growth. In fact, according to United Nations, around 962 million people were aged 60 years or above in 2017, accounting for 13% of the global population. The elderly population is expected to grow by 3% per year, reaching 1.4 billion by 2030 and 2.1 billion by 2050.
As per the report, geriatric population is high susceptible to neurological disorders, which affects up to 55% of people in the age group of 55 years and above. They are vulnerable to adverse health conditions leading to hospitalization, institutionalization, disability and mortality. Around 6.6% adults in this age group witness total disability due to neurological and mental disorders. Additionally, dementia and depression are the most prevalent disorders in geriatric people, affecting over 5% and 7% of global elderly population respectively.
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As per channel type, global wearable EEG devices market is split into 32-channel type, 14-channel type, 5-channel type and others. The 32-channel type segment held a substantial market share in the year 2018 and is expected to record appreciable growth in the forthcoming years. Advancements in 32-channel EEG devices along with product preference among healthcare professions are fueling the segmental growth.
Based on application spectrum, the industry is bifurcated into gaming, neuromonitoring, medical and others. While regionally, Europe, North America, Middle East & Africa, Asia Pacific, and South & Central America are main contributors of wearable EEG devices market.
Cadwell Industries Inc., Neuroelectrics, g.tec medical engineering GmbH, Emotiv Inc., Electrical Geodesics Inc., Compumedics Neuroscan, Brain Products GmbH, Natus Medical Incorporated, ANT Neuro and Advanced Brain Monitoring, Inc. are the key participants in global wearable EEG devices industry.